Pathology lab chain Oncquest Laboratories to add 18 labs, 500 collection centres by end of 2020

Oncquest Laboratories Aditya Burman said that the company will be spending around Rs 50 crore through internal accruals to fund the expansion plans.

Written by FE News Desk

Updated: January 27, 2019 19:52 IST

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Aditya Burman-led pathology lab chain Oncquest Laboratories is eyeing to open 18 more labs primarily in tier II cities across the country by the end of 2020, a senior company official said.

“We will be adding 18 more labs across India by 2020-end mainly in tier II cities as we already have a presence in the tier I cities,” Oncquest Laboratories COO Ravi Gaur told PTI.

Oncquest is looking at cities such as Vijayawada, Jammu, Jalandhar, Kanpur, Jodhpur, Surat, Bhopal, Indore, Ranchi, Coimbatore, etc., for expansion.

Oncquest Laboratories runs 38 labs currently in India and has a network of 500 collection centres. It will be adding 500 more collection centres by end of 2020. This would take the total count of collection centres to 1,000, Gaur said.

The company also has its collection centres in Nepal, Bangladesh, Sri Lanka and Malaysia. The brand offers more than 4,000 various tests.

Gaur said that the company might also set up another lab in Mumbai and Bengaluru during the said period even as the company has the Middle East and South Africa in sight for setting up labs in future.

He said that the company will be spending around Rs 50 crore through internal accruals to fund the expansion plans.

The key business areas for Oncquest are specialised diagnostics, routine diagnostics, hospital lab management, clinical trials and research and development.

The global digital pathology market is expected to reach a size of $8.3 billion by 2023 from $3.9 billion in 2017, according to a report by market research firm Market Research Future.

The Indian diagnostic services market led by improving healthcare facilities, medical diagnostic and pathological laboratories, private-public projects, and the health insurance sector is expected to become worth Rs 860 billion by 2020, a report by Research and Markets said.

While a majority market share is cornered by the unorganized players, it is expected to turn increasingly organized and consolidated with multiple small and independent laboratory players becoming franchisees for the larger players.